There is also a mixed pension scheme for those who entered the workforce between 1992 and 1997. In this case you can choose, and the coordinator of the doctoral program in economics at the UdeG recommends the 1973 variant.
This is what Pan American University (UP) scientist Israel Macías López believes The best way to retire is under the previous regime, i.e. the 1997 reform. In addition, it is better to wait until age 65 to receive a larger amount.
“It is convenient to opt for the previous arrangement because the government was obliged to compensate for the lack of savings. If a person earns 100 pesos, his pension will be 90 pesos, and it is almost as if he continues to work. There’s not much difference.”
Macías López explains that it is so two types of pensions a situation in which the person contributes resources by performing a formal job, referred to as subject to contributions and in the other it is that free of charge where the person has not provided any funds, such as in the case of old-age pensions.
“The contributions shouldn’t be a problem, Those starting in 1997 will retire with what they previously saved. This is not a problem for public finances. These people have contributed from the previous pension, the 1973 Act, but it is very little and the government is obliged to add something to complete the pension.”
On the other hand, Macías López emphasizes this You can receive an unemployment pension of advanced age or age 60 or older, but it is better to wait until after age 65 to apply.
“The retirement age is 65, and although the law also allows you to retire earlier, you have to pay a lower percentage for this. The idea is that you work until you are 65 because you give 100% of the amount you are entitled to. This way you get the entire pension and not just a percentage.”
Antonio Ruiz Porras Coordinator of the Doctorate in Economics at the University of Guadalajara (UdeG), agrees that within contributory pensions there are two types: those linked to the Afores system, which came into force in 1997, and those linked to the previous one system have that of the 1973 Act.
“From an economic perspective, the old legal system is better for people than the Afores system.”. Because it brings greater advantages and you have to work fewer weekly hours and contribution regime.”
He also points out that there is the mixed system, for those who started working from 1992 to 1997. “With these people, they can choose which system they have. The one from 1973 definitely suits them.”
